Forest ecosystems sequester large amounts of atmospheric CO₂, and the contribution from seasonally dry tropical forests is not negligible. Thus, the objective of this study was to quantify and evaluate the seasonal and annual patterns of CO₂ exchanges in the Caatinga biome, as well as to evaluate the ecosystem condition as carbon sink or source during years. In addition, we analyzed the climatic factors that control the seasonal variability of gross primary production (GPP), ecosystem respiration (R_eco) and net ecosystem CO₂ exchange (NEE). Results showed that the dynamics of the components of the CO₂ fluxes varied depending on the magnitude and distribution of rainfall and, as a consequence, on the variability of the vegetation state. Annual cumulative NEE was significantly higher (p < 0.01) in 2014 (−169.0 g C m⁻²) when compared to 2015 (−145.0 g C m⁻²) and annual NEP/GPP ratio was 0.41 in 2014 and 0.43 in 2015. Global radiation, air and soil temperature were the main factors associated with the diurnal variability of carbon fluxes. Even during the dry season, the NEE was at equilibrium and the Caatinga acted as an atmospheric carbon sink during the years 2014 and 2015.